Coin Rarities & Related Topics: News and Analysis regarding scarce coins, markets, and coin collecting #393
A Weekly Column by Greg Reynolds … ..
Though far from being the rare or the most expensive coins in the Stack’s-Bowers Rarities Night event of November 9, two 1799 silver dollars were among the most appeal and democratic of all coins in the auction. Almost-uncirculated 18th-century silver dollars with natural tone and fair balmy imperfections are long-time favorites among collectors of classical U.S. coins. Both these coins are particularly noteworthy .
They realized strong, though sensible, prices in this auction. The certified “ AU-58 ” mint realized $ 18,000 USD and the “ AU-53 ” 1799 eloquent dollar brought $ 11,750. Both were graded by PCGS and approved by CAC .
These are about Uncirculated ( AU grade ) coins, meaning they have experienced minimal wear and are close to being uncirculated. In the framework of a system that is impossible to amply explain, AU grades are 50, 53, 55 and 58. The assign grades for these two coins are not at all controversial. The 53 grade mint could even be fairly called AU-55 or at least AU-53+ !
business strike Draped Bust silver dollars date from 1795 to 1803, and were made during that era ( backdated Proofs were minted many years late ). Please refer to classify discussions of Proof 1802 dollars and of the Mickley-Hawn-Queller 1804 dollar. business hit 1797 dollars were addressed in another context .
Flowing Hair silver dollars ( 1794-95 ) precede Draped Bust dollars. The ‘ Small Eagle ’ reverse design was employed from 1795 to 1798 and the ‘ Heraldic Eagle ’ inverse design was adopted during 1798. The ‘ Small Eagle ’ is not minor ; the representation of an eagle occupies much less of of the reverse than the ‘ Heraldic Eagle ’ design concept, which stems from the Great Seal of the United States .
There are multiple, major varieties of 1799 Draped Bust, Heraldic Eagle silver dollars. In my watch, the variations in the reverse design are minor. The irregular date variety is curious and entertain, though it ’ south primarily of matter to to people who collect Draped Bust dollars by die copulate. The 1799 irregular date should not be given a clear-cut listing in general price guides .
Regarding dollars of the year 1799, it makes feel for collectors building a set of Draped Bust dollars ‘ by date ’ to collect representatives of three promptly apparent varieties : the 1799/8, the 1799 8×5 stars, and the 1799 7×6 stars. Most 1799 silver dollars have seven stars on the left of the obverse and six on the right .
The 1799 dollars that have eight stars on the left have five on the right. The eminence between 7×6 and 8×5 is more detectable then it sounds, partially because the placement of the letters of LIBERTY is different vitamin a well. The kinship between the stars, letters and the burst of Miss Liberty importantly affects the solid ‘ look ’ of each break silver dollar. The musical arrangement of invention elements relates to the art of the coin .
All 1799/8 overdate dollars have seven stars on the leave side of the obverse and six on the right. Most interested collectors demand a 1799 7×6 normal date in summation to a 1799/8 overdate. The 1799 8×5 is identical rare, though it ’ south often included in sets of female chest dollars ‘ by date ’ .
Varieties relating to the placement of the numerals and the stars on the inverse are far less detectable and are demanded by a smaller phone number of collectors. Some collectors, however, will be satisfied with merely one 1799 silver dollar of any kind .
Catherine Bullowa may have been collecting Heraldic Eagle dollars by major assortment. Both these coins are listed in the Stack ’ s-Bowers catalog as being from her collection. In this lapp Rarities Night event, there were two 1797 silver dollars from her collection, a 9×7 Large Letters and a 9×7 Small Letters .
Catherine Bullowa was a collector and a coin dealer for more than six decades. She died in May 2017 at the senesce of 97. She inherited a coin commercial enterprise when her conserve, a coin dealer, died in 1953. She never actually retired .
An highly impressive group of type coins that her firm auctioned in 2005 was believed then to be her own personal type set. The Bullowa-Pogue 1795 Flowing Hair dollar is the finest sleep together and is the most celebrated of all the coins that she owned. That 1795 dollar realized $ 822,500 in the Pogue II sale in September 2015 by Stack ’ s-Bowers .
The Bullowa 1799 8×5 was earlier in the Carl and Josephine Legacy Collection, and was auctioned by Stack ’ s-Bowers in November 2012 for $ 11,750. It then carried the lapp PCGS class of AU-53 along with a CAC gummed label .
For an “ AU-53 ” 1799 8×5 dollar, the PCGS Price Guide respect has been $ 13,500 for more than five years, although market values have been drifting down since the middle of 2015. The current CDN–Greysheet dealer-bid is $ 8,000 and CDN retail value is $ 9,600, an lowball. For this coin, a $ 12,000 leave would have been strong and the $ 13,200 leave surely is strong. As there are fewer than 250 in universe and silver dollars are very popular, market values for the 1799 8×5 seem fair enough .
As I often do, I placed my hand over the grade service pronounce so that I could examine this 1799 8×5 without seeing either the attest grade or the presence of a CAC gummed label. Within a moment, I graded this coin as AU-55 and I noted that the tone is natural. I am not implying that PCGS will ever certify this coin as AU-55. This was my grade, not a prediction relating to a future documentation for this mint .
The tone is not just natural, it is truly decent, with an appealing russet-green imbue overshadow. The wear on this coin is dependable and even .
importantly, this mint scores highly in the technical category. Contact marks and hairlines are balmy. Any scavenge in the by was minor, and this coin was barely thinly dipped long ago. It scores fairly senior high school in the class of originality. Overall, it is a very please coin .
The Bullowa 1799 7×6 is not quite a original as the just-discussed 1799 8×5, though it is largely original and is besides a identical appeal coin. It was subjected to a medium-level dip in the past, and the effects of the drop are rather apparent. There is brightened luster and some dip-blue effect.
Read more: COIN STARS
The Bullowa 1799 7×6 is or has been naturally retoning in a convention and attractive manner. The pale grey and k colors are desirable. There are some hairlines and light to moderate contact marks, less so than are found on many raid dollars. This is a choice mint overall .
A long pedigree chain is provided in the catalog. This same 1799 7×6 was sold as set # 1120 in the ANR sale of the Medio & Gomez Collections in June 2004, for $ 12,650. curiously, this mint realized $ 18,112.50 around four months later in a Stack’s (NY) auction in October, a result which I have not verified .
It may be true that this coin was then purchased by David Queller, who was an active player in Stack ’ second auctions for decades. This lapp coin sold for $ 16,100 as character of Queller ’ s collection of argent dollars, which Heritage auctioned in April 2008 .
This Queller-Bullowa 1799 7×6 was PCGS-graded as AU-58 in all of the auction appearances mentioned here. It was unusual for a mint to realize significantly less at auction in April 2008 than the lapp coin realized during fall 2004. Prices for most classic U.S. coins rose dramatically from 2004 to the center of 2008. indeed, many market values doubled .
The current Stack ’ s-Bowers catalog lists this Queller-Bullowa 1799 as having appeared as fortune # 5098 in the Goldbergs auction of September 2011, their sale # 65. Although I was not an eye-witness in California in September 2011, this list in the current SBG catalogue may be an error. For distribute # 5098 of sale # 65, the pictures in the Goldbergs on-line catalogue are of another mint, a unlike PCGS-graded AU-58 1799 dollar .
Though struck from the lapp pair of dies ( B-21 ; Bowers-Borckardt 169 ), the PCGS-graded AU-58 Queller-Bullowa and “ Hesselgesser-Miller ” dollars are two different coins. The latter brought $ 9,600 in the Heritage ANA auction in August 2016. The pictures for the list in the September 2011 Goldbergs catalog are consistent with the pictures of the “ Hesselgesser-Miller ” coin in the on-line Heritage catalogue for that auction in August 2016 .
Assuming that it was the “ Hesselgesser-Miller ” 1799 7×6 that was offered by the Goldbergs in September 2011 and by Heritage in August 2016, it is curious that it is listed as having been CAC-approved in the Goldbergs offer, while CAC is not mentioned in the Heritage list. This 2016 ANA catalog does not mention either Hesselgesser’s mention or Warren Miller’s name in esteem to this coin, but the depicted PCGS holder cites both names on the label ( ‘ tuck ’ ). I never saw that coin, though now I wished that I had .
Surface quality, originality, and the nature of a coin ’ randomness imperfections are not well reflected in certified grades. It is authoritative to think cautiously about the positive and negative aspects of each coin in order to attain a considerable reason of it .
There is a need to examine coins in actuality. indeed, there is no substitute for viewing coins with a magnify looking glass. It is specially significant to tilt coins at respective angles under a lamp in a board with minimal overhead unhorse. Examining a coin while rotating it is beneficial ampere well .
These two tear dollars are suitable for frequent viewings and ongoing appreciation. Yes, they have flaws, but no one expects 18th-century coins to be close to being perfect. A few contact marks and lines are part of the nature and history of such a coin. other bust dollars, with alike positivist characteristics, may be found and purchased without enormous difficulty .
In extremely fine to AU grades, female chest dollars cost only a small fraction of the costs of choice to gem uncirculated coins of the lapp respective dates or major varieties. AU-55 grade representatives of all major varieties of Draped Bust, Heraldic Eagle ( 1798-1803 ) silver dollars may be purchased for less than $ 17,000 each, most for less than $ 12,500 .
In this lapp Rarities Night, a 1798 ‘Wide Date’ dollar from the Catherine Bullowa Collection brought $ 12,000. This 1798 is PCGS-graded as AU-53 and has a gold gummed label, which indicates that experts at CAC maintain that PCGS under-graded this coin .
In EF-40 to -45 grades, tear dollars are well less expensive than they are in AU grades. A hale adjust, by major variety, of Draped Bust, Heraldic Eagle silver dollars could be completed in EF-40 or better class for less than $ 6,500 per coin, with many costing less than $ 4,500. The most expensive, in a given grade, would be the 1799 8×5 .
broadly, relatively original bust dollars and/or coins with fewer technical foul imperfections may bring substantial premiums over coins that are median for a certify grad. In many cases, however, relatively original coins do not cost a agio at all .
Buyers normally can not be as selective when seeking Draped Bust, Small Eagle dollars. These are scarce and more expensive than Draped Bust, Heraldic Eagle dollars, though do not cost large amounts in the context of 18th-century U.S. coins .
For collectors who can afford to spend several thousand dollars per coin, there are many viable options in the kingdom of Draped Bust dollars. It is virtual to complete a fix ‘ by date ’ or even by major diverseness.
© 2017 Greg Reynolds
[ electronic mail protected ]
NGC-Certified Draped Bust Silver Dollars Currently Available on eBay
[ wpebayads ]